Fubo Reports 5.9M Subscribers in Q1 as Disney Integration Advances

Fubo Hits 5.9 Million Subscribers in Q1 Amid Disney Integration Progress

Fubo announced it has reached a total of 5.9 million combined subscribers in the first quarter of 2025, as its integration with Hulu + Live TV and Disney nears the completion of its first phase. The sports-focused streaming service is on track to migrate its advertising technology into Disney’s server infrastructure and begin selling ad inventory alongside Disney+, Hulu, and ESPN later this month.

This move is expected to provide a “meaningful uplift in CPMs and fill rates”, according to company executives. The second phase of integration will make Fubo Sports available alongside ESPN Unlimited and Disney’s bundle offerings in the first half of 2027. The goal is to drive subscriber growth more efficiently with “meaningfully lower customer acquisition costs.”

Fubo Sports Gains Traction Among Value-Oriented Consumers

Fubo Sports, which includes major networks such as ESPN, ABC, CBS, and Fox, has seen “strong market traction” and resonates with “value-oriented consumers”. It complements Fubo’s broader content offering and has contributed to record-high subscribers on the platform’s Latino product. In January, Fubo launched a Spanish-language bundle with Hulu + Live TV, which helped drive subscriber growth in its Latino segment during the quarter.

Third Phase Focuses on Content Cost Efficiencies

The third phase of the integration will prioritize driving efficiencies in content costs as distribution agreements come up for renewal. Fubo previously forecasted $120 million or more in synergies following the closure of the Hulu + Live TV merger, including approximately $100 million from advertising-related synergies.

NBCUniversal Networks Remain Dark on Fubo

NBCUniversal’s networks have been unavailable on Fubo since November 2024, as the former ceased talks with Fubo until the expiration of its current agreement with Hulu + Live TV. Executives noted that the subscriber impact of this blackout has been “modest” and better than internal expectations, attributing this resilience to Fubo’s sports-focused value proposition, price reductions, and the addition of Peacock to its lineup.

“Given that most commercial terms have been largely aligned prior to the Versant spinoff, this position is very difficult to reconcile.”

David Gandler, CEO of Fubo

“While we remain open to constructive engagement, we will review the role of the NBCU and Versant portfolios as we continue to evaluate content alignment for our 6 million+ subscriber base.”

Financial Performance and Stock Split

In addition to integration progress, Fubo reported a narrowed quarterly loss of $6.2 million, down from $40.9 million a year ago, and revenue growth of 1% to a record $1.6 billion. However, the company’s stock price fell over 10% following the announcement of a reverse stock split, intended to make shares more accessible to a broader investor base by reducing the total number of outstanding shares. The reverse split is expected to be completed by the end of the second quarter.

Future Outlook and Financial Guidance

Looking ahead, Fubo CEO David Gandler stated that the company’s North Star for 2026 is “simple growth”, focusing on expanding its subscriber base through sports, distribution partnerships, and improved monetization. Fubo reaffirmed its guidance of $80 million to $100 million in adjusted EBITDA and projected having at least $200 million in cash for fiscal 2026. Additionally, the company expects positive free cash flow in fiscal 2027 and 2028 and projects at least $300 million in adjusted EBITDA for fiscal 2028.